Casinos rake in nearly $100 million in July; Consumer debt hits pre-pandemic high

The state’s three casinos raked in nearly $100 million in gross gambling revenue last month, with more than $27.6 million going to state coffers, the Gaming Commission said Monday.

Of the $99 million that Plainridge Park Casino, MGM Springfield and Encore Boston Harbor counted as gambling revenue in July, the lion’s share came from Encore. The Everett casino took in $64.7 million – just over $35 million from slots and $29.67 million from table games. MGM Springfield, the only other large-scale casino in the state, reported revenue of $21.5 million in July. More than $17.27 million came from Springfield slots.

Encore’s monthly revenue translates to just over $16.18 million in taxes and fees for the state, while MGM’s monthly gaming revenue amounts to about $5.39 million for state vaults. ‘State.

Consumer debt hits pre-pandemic high

Consumers continue to take on credit card debt as inflation increases their spending.

Consumer revolving debt — which is mostly based on credit card balances — gained $14.8 billion on a seasonally adjusted basis in June. It is now at $1.125 trillion, surpassing its pre-pandemic high, according to the Fed’s G.19 consumer credit report.

In June, inflation rose 9.1% on the year (and 1.3% from May levels), meaning consumers had to shell out more money to buy goods.

In June, card balances rose 16% on an annualized basis, following May’s 7.8% (revised) gain and April’s robust 19.6% jump.

Total consumer debt — which includes student and auto loans, as well as revolving debt — rose $40.1 billion to $4.627 trillion in June. That’s a seasonally adjusted annualized increase of 10.5%.